oil prices

In the endless boom and bust cycle of the oil business, there has never been anything like 2020. The oil patch is reeling from historically low prices. Futures for West Texas Intermediate crude closed at $25 a barrel on Friday, down from more than $60 a barrel at the beginning of the year.

On a normal day in Andrews County, you can look in any direction and see the bobbing horse heads of pump jacks stretching to the horizon, sucking up oil from deep in the Earth. But these are anything but normal days.

For months, the state agency that regulates oil and gas in Texas has considered reducing the amount of crude companies can pump from the ground. Supporters of the plan hoped it would reduce a supply glut and stabilize oil prices. But the proposal died Tuesday without a final vote.

In Texas, a proposal to cut the amount of crude that oil companies are allowed to pump from the ground appears dead. The regulator who proposed it — Texas Railroad Commissioner Ryan Sitton — says commissioners "still are not ready to act" on the plan, which would have cut production 20% to try and stabilize prices amid a historic oil glut. Regulators had been expected to vote on the plan Tuesday.

A flotilla of Saudi tankers loaded with crude oil has begun arriving on the U.S. Gulf Coast, worrying American shale producers who face uncertainty because of an oversupply of oil.

At least 18 very large crude carriers, each carrying 2 million barrels of oil, are headed to the U.S., according to Michelle Wiese Bockmann, markets editor and oil analyst for Lloyd's List, a shipping news service in London.

WICHITA, Kansas — The coronavirus shutdown killed oil prices. That could be a killer for local governments in large swaths of Kansas, places long addicted to the tax money that’s been lost as companies stop pumping crude from the ground.

In some parts of Kansas, counties depend on revenue tied to oil production to cover as much as a fourth of the local property taxes.

With no rebound in prices in a world suddenly awash in a glut of oil, those counties find themselves scrambling to raise taxes elsewhere, slash their budgets, or both.

Federal Appeals Court Says Texas Can Block Pill-Induced Abortions During Pandemic

Apr 21, 2020

Reversing course, the U.S. 5th Circuit Court of Appeals said access to pill-induced abortions can be restricted while the state fights the coronavirus pandemic.

For the first time in history, a barrel of West Texas oil was so worthless Monday that oil companies would pay you to take it. Oil prices have been low for months, but the negative pricing of a valuable commodity can be hard to wrap your head around. How does it happen?

Updated at 4:53 p.m. ET

The dramatic collapse in worldwide demand for oil led to an extraordinary development on Monday: U.S. oil prices fell below zero for the first time ever, and kept falling.

The key U.S. oil benchmark, West Texas Intermediate, settled at negative $37.63.

Driven by a trading contract deadline, traders desperately looked for buyers for the barrels of oil they normally hold in their books. But buyers were hard to find — even when the oil was being given away for free.

One of the country’s largest ethanol producers has idled three plants and postponed the opening of a fourth. 

POET posted a statement on its website saying bioprocessing at the locations in Chancellor, South Dakota and in Coon Rapids and Ashton, Iowa has stopped. Another plant in Shelbyville, Indiana was on track to open this spring but that is now on hold.

In a move that would have been unimaginable just a couple months ago, Texas is considering limiting oil production in the state. Capping the amount of crude that can be pumped is a power the state has not used in nearly 50 years. But, at a meeting Tuesday, regulators heard it may be needed to stabilize an industry in freefall.

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As Oil Price Crisis Grips The Globe, Small Texas Producers Feel The Ripple Effects

Apr 7, 2020

For decades in the tiny Texas panhandle town of Perryton, John Bozeman has bought oil and gas wells from companies and says he operated them for a lower cost and with better efficiency.

Coronavirus hit the global markets this week, sending stocks reeling and pushing economies toward possible recession. In Texas, the view could be even bleaker thanks to plummeting oil prices. Analysts say the state can expect layoffs, bankruptcies and state revenue shortfalls in the months ahead if prices remain low.


Oil prices plummeted to their lowest point in decades overnight as Saudi Arabia declared a price war on Russia, adding another stressor to financial markets already reeling amid concerns over the rapid spread of a new strain of coronavirus.

Oil prices fell below the $50-per-barrel-mark Tuesday following a hike in oil production by Saudi Arabia.

As Business Insider reports, West Texas Intermediate crude, the U.S. benchmark, fell to $47.43 per barrel as of Tuesday morning. Brent crude oil, the international benchmark, was at $50.48 per barrel. Both were at their lowest prices since November.

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Oil prices will likely continue to rise following a meeting between OPEC and non-OPEC oil producing countries Saturday.

Joe Raedle / Getty Images

An increase in oil prices is likely a precursor to higher gas prices over the holidays.

Following an agreement by OPEC, the Organization of Petroleum Exporting Countries, last week to cut global oil production by 1.2 million barrels per day, the price of crude oil rose to $55 per barrel, a 16-month high, as Yahoo News reports.

Have Oil Prices Finally Hit Bottom?

Mar 17, 2016
Lucy Nicholson / Reuters

Oil prices appear to have hit their low point. No, really, this is it, says Quartz.com. The new head of the International Energy Agency told a seminar in Oslo recently that “Oil prices appear to have bottomed out.” Neil Atkinson added that “Prices are expected to grow throughout 2016 and into 2017, reflecting expectations that the market is going back into balance in 2017.” And Atkinson may be right.  US benchmark crude West Texas Intermediate is currently up 31% from its February low.